The S&P 500 gained 1.2% to 2731.20 today, while the Dow Jones Industrial Average rose 306.88 points, or 1.2%, to 25,200.37. The Nasdaq Composite climbed 1.6% to 7256.43. All three indexes have gained for five straight days.

The S&P 500 has risen 5.8% during its winning streak, its biggest five-day gain since December 2011, and is now just 4.9% away from its all-time high of 2872.87 hit on Jan. 26. The question now: How much longer can this keep going?

Maybe not much longer. The S&P 500 ventured above 2700 today, a level that could still see some resistance. Phases & Cycles' David Tippin and Ron Meisels note that the S&P 500 has established "lower lows" but also expect that it will hit a "lower high" when this rally ends, which they expect to happen somewhere in the high 2700s. "This will confirm that the correction still has more room to run and that a re-test of the recent low at 2,533 will occur later on," they write. Still, they expect a bounce after that—one that will push the index into positive territory for the year. "The S&P 500’s “January indicator”—as January goes so goes the year—was positive, giving a further reason to expect an eventual strong recovery," Tippin and Meisels explain.

So is this the turning point for Teva? Raymond James analyst Elliot Wilbur isn't so sure. Yes, the bull case—that higher drug costs have to come down, and generic-drug producer Teva will benefit—is easy to make. But Wilbur sees plenty of downside, including the fact that Teva often has trouble retaining market share after making big deals, such as with its acquisition of Allergan's (AGN) generic business in 2015.

"It is an intellectual curiosity of ours why Buffett managed to avoid investment in generics during the industry’s growth spurt from the early 1990s until the mid-2000 period; growth rates were much stronger, valuations were often equally attractive, and companies weren’t drowning in debt," Wilbur writes. "Drop him a line if you know him personally and get back to us."

Utilities as Hercules

With stocks soaring today, it probably doesn't come as much of a surprise that technology is among the market's best-performing sectors today. But did anyone really expect utilities to be outperforming them?

Part of the reason may be that the 10-year Treasury yield pulled back to 2.9% today after almost hitting 2.95% in early trading this morning. Utilities are, after all, bond proxies, so any weakness in bond yields (and corresponding strength in prices) would no doubt help the group. And utilities have been hammered recently—the Utility SPDR had dropped 11.7% during the eight weeks ended this past Friday, the worst two-month return since 2009, says Instinet's Frank Cappelleri.

"Extreme pullbacks like this since the 2009 lows led to bounces in the XLU," he says, who notes that such moves often accompany a reversal in yields. "If that happens, this recent bounce in the XLU could continue, even if it proves to be a counter trend move."

And yields may not be able to head much higher, writes MKM Partners Michael Darda. The last time the 10-year yield was this high was in 2014, when nominal gross domestic product was growing at a 4% clip, and real GDP—that is, adjusted for inflation—was growing by 2.5%. That's similar to conditions now, Darda explains.

The question, then, is what happens to economic growth. If growth were to pick up thanks to productivity increases or an uptick in the number of workers entering the labor force, then nominal growth could accelerate, and investors "should be far more wary about calling the top in long rates," Darda writes.

But if economic growth is at a cyclical peak, then the 10-year yield is unlikely to go much higher than 3%. If nominal GDP drops back below 4% in 2019, the 10-year could fall to around 2.5%. In that case, yield-sensitive sectors—yes, like utilities—could look attractive. "Utilities look attractive even on a 'normalized' valuation basis and may be positioned for a reversal of fortunes if long rates are close to peaking," Darda explains.

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